New Delhi, Nov 8 (NationPress) On Saturday, Commerce and Industry Minister Piyush Goyal engaged in talks with Australian Trade and Tourism Minister Don Farrell and Skills and Training Minister Andrew J Giles in Melbourne, aiming to bolster economic collaboration between India and Australia.

Goyal shared on X that their fruitful discussions aimed at realizing the full potential of the India-Australia economic partnership, particularly through a comprehensive and balanced Comprehensive Economic Cooperation Agreement.

The trade relationship between India and Australia is robust and continues to grow, especially since the Economic Cooperation and Trade Agreement (ECTA) was implemented in 2022. India's primary exports to Australia include petroleum products, engineering goods, and pharmaceuticals, while Australia primarily exports coal, gold, and copper to India. Both nations are focused on further enhancing economic ties, targeting a trade volume of $100 billion by 2030.

In the fiscal year 2025, the bilateral trade reached $24.1 billion, with India exporting goods worth $8.58 billion and importing $15.52 billion. The implementation of the ECTA in December 2022 has expedited trade between the two countries, with Australia granting preferential market access on 100 percent of its tariff lines for India, including textiles, jewelry, and leather products.

India reciprocates by offering preferential access on over 70 percent of its tariff lines for Australia, particularly for raw materials and intermediates such as coal and mineral ores.

Piyush Goyal's visit to Australia followed his trip to New Zealand. During this visit, India and New Zealand successfully wrapped up the fourth round of negotiations on the Free Trade Agreement (FTA) in Auckland and Rotorua, as stated by officials on Saturday.

This followed five days of progressive discussions, according to the Commerce Ministry. The statement further indicated that both parties agreed to maintain momentum through inter-sessional work and continue in-depth discussions across all chapters, with a shared commitment to achieve early convergence on the India-New Zealand FTA.

Minister Piyush Goyal and New Zealand's Trade Minister Todd McClay noted the solid progress made during this round and reaffirmed their dedication to pursuing a modern, comprehensive, and future-ready free trade agreement.

Both delegations participated in detailed discussions across essential topics, including trade in goods, trade in services, economic and trade cooperation, and rules of origin.